Closing the financial gap for promoting systemic socio-economic transformations to achieve
sustainability requires both a substantial increase in investment levels and a qualitative …

Our research uses the environmental pillar of ESG as a proxy for environmental corporate
social responsibility. We examine the performance of environmentally clustered portfolios by …

In modern finance, social investment portfolios have attracted the attention of researchers,
investors, and practitioners. Regarding the long-term nature of this investment, the selection …

Disclosing information on environmental, social, and governance (ESG) parameters is
voluntary for most firms across the world. Companies disclose their performance on ESG …

Sustainable investing has recently gained traction throughout the world. This trend has
multiple sources, which span from genuine ethical concerns to hopes of performance …

Using an international sample of environmental and social firm‐level ratings between 2007
and 2019, we form synthetic overlapping region‐based equity portfolios to examine the …

If the demand for socially responsible stocks depends on aggregate wealth, their returns
may rise when the economy is booming and fall when it is struggling. Motivated by the …

A common approach to measuring the effect of ESG (or ESG premium) in equities is to use
the difference between a broad index and its ESG version. This approach, however, does …

Characteristics of companies associated with climate change predict excess equity returns.
We show that firms with lower carbon emission intensities—with carbon emissions being a …

We use supervised learning to identify factors that predict the cross-section of returns and
maximum drawdown for stocks in the US equity market. Our data run from January 1970 to …